M'sia should raise revenue as part of fiscal consolidation plan - World Bank

The government’s current fiscal consolidation plan should include raising revenue collection as Malaysia's revenue is expected to decline further from 15 percent of gross domestic product (GDP) in 2023 to an average of 14.7 percent in the medium term, the World Bank said.

According to the Washington DC-based institution, it is important to address the persistent decline in revenue collection and explore new sources of revenue as Malaysia’s revenue level remains low and trailing comparative peers.

“The Fiscal Responsibility Act (FRA), which is being drafted and finalised, should include detailed plans on measures to diversify its revenue sources and consideration should be given to streamlining reliefs and broadening the tax base of personal income tax as well as enhancing...